Fuel increases today

01 August 2018 | Energy

Motorists will have to dig deeper into their pockets after yet another fuel price hike today, this time caused by a fuel tax increase.

The energy ministry yesterday announced that the prices of petrol and all grades of diesel would increase by 25 cents a litre at midnight.

According to energy minister Tom Alweendo, the latest fuel price review indicated that oil importers were paying more for fuel than the retail prices set by the government.

“The final figures recorded are way above the prices set by the government and these pricing under-recoveries are huge enough to trigger upward adjustments in the local pump prices in order to create cost-recovery equilibrium in the local market,” he said.

However, these under-recoveries will be wholly absorbed by the National Energy Fund (NEF) on behalf of consumers.

Alweendo said last month the NEF also financed the entire under-recovered amount on behalf of fuel consumers.

But the finance ministry, which is responsible for government revenue, decided to increase the fuel tax on all price-controlled petroleum products by 25c per litre to 65c per litre effective 4 July.

“However the NEF reimbursed all importers as this adjustment was not passed on at all pumps. The local oil market operates on a cost-recovery model and the idea is that all supply costs are passed on to consumers at the pumps,” said Alweendo.

The new pump prices at Walvis Bay will be N$12.55 per litre for petrol, N$12.88 per litre for Diesel 500ppm and N$12. 93 for Diesel 50ppm.

ELLANIE SMIT

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